---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-094269"
form_type: "8-K"
ticker: "EQT"
cik: "0000033213"
company_name: "EQT Corp"
filed_at: "2023-08-22T23:59:59+00:00"
generated_at: "2026-06-11T05:49:49.279232+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# EQT closes $2.4B cash + 49.6M share acquisition of Tug Hill and XcL Midstream

## Summary
- Final consideration: ~$2.4B cash and 49.6M shares of EQT common stock.
- Funded cash portion with $1.25B term loan, $1B cash on hand, and $150M escrow deposit.
- Tug Hill producing ~800 MMcfe/d (20% liquids); XcL Midstream adds 145 miles of gathering systems.
- Expects >$80M/year synergies; pro forma NYMEX FCF breakeven reduced by ~$0.15/MMBtu.
- Pro forma financial guidance to be provided with Q3 earnings.

## SEC filing metadata
- accession: 0001104659-23-094269
- form_type: 8-K
- ticker: EQT
- cik: 0000033213
- company_name: EQT Corp
- filed_at: 2023-08-22T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/33213/000110465923094269/0001104659-23-094269-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/33213/000110465923094269/tm2324212d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-094269
- JSON: https://secwatch.observer/filing/0001104659-23-094269.json
- Plain text: https://secwatch.observer/filing/0001104659-23-094269.txt

## Key facts
- M&A Transactions
  EQT Corp completed an acquisition involving THQ Appalachia I, LLC and THQ-XcL Holdings I, LLC for 49,599,796 shares of EQT common stock and approximately $2.4 billion in cash (closed 2023-08-22).
  - Action: acquisition
  - Counterparty: THQ Appalachia I, LLC and THQ-XcL Holdings I, LLC
  - Consideration: 49,599,796 shares of EQT common stock and approximately $2.4 billion in cash
  - Closing: 2023-08-22
  source text: through the Buyer’s acquisition of all of the issued and outstanding membership interests of each of THQ Appalachia I Midco, LLC and THQ-XcL Holdings I Midco, LLC in exchange for 49,599,796 shares of EQT common stock (the “Stock Consideration”) and approximately $2.4 billion in cash, subject to customary post-closing adjustments. The events described in this Current
  evidence_url: https://www.sec.gov/Archives/edgar/data/33213/000110465923094269/0001104659-23-094269-index.htm
- Material Agreements
  EQT Corp entered into Registration Rights Agreement with the Sellers and certain affiliates and transferees of the Sellers (the "RRA Holders") (effective 2023-08-22).
  - Action: entry
  - Counterparty: the Sellers and certain affiliates and transferees of the Sellers (the "RRA Holders")
  - Effective: 2023-08-22
  source text: On August 22, 2023, upon consummation of the Acquisition, pursuant to the terms of the Purchase Agreement, EQT, the Sellers and certain affiliates and transferees of the Sellers who received the Stock Consideration from the Sellers (together with their permitted assignees, the “RRA Holders”) entered into that certain Registration Rights Agreement, dated August 22, 2023 (the “Registration Rights Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/33213/000110465923094269/0001104659-23-094269-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.